Which Cryptocurrencies Does Elon Musk Own?

Which Cryptocurrencies Does Elon Musk Own?
CONTRIBUTOR
Scott Jeffries GOBankingRates
PUBLISHED
APR 15, 2022 6:49PM EDT

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Elon Musk is pretty vocal approximately cryptocurrencies throughout activities and particularly on Twitter. Since he has invested closely in crypto and is one of the wealthiest humans alive, his perspectives appear to power the crypto market.

When he began out tweeting his Shiba Inu puppy’s pictures, traders concept he turned into hinting at proudly owning the crypto Shiba Inu. As a result, the fee of Shiba Inu expanded following his tweets.

However, he later discovered that he does now no longer very own Shiba Inu and has best invested in 3 cryptocurrencies. What does Elon Musk’s crypto portfolio appearance like? Here’s a have a take a observe the cryptocurrencies he holds.

Which Cryptocurrencies Does Elon Musk Own?
At The B Word convention in June 2021, Elon Musk stated that he helps Bitcoin. He additionally discovered that Tesla may begin accepting bills in Bitcoin again. The SpaceX and Tesla CEO similarly stated that Bitcoin will be used for financial empowerment.

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As discovered in his tweets and with affirmation on the convention, Elon Musk discovered he owns 3 cryptocurrencies:

Bitcoin
Ethereum
Dogecoin
Musk Believes in Crypto’s Future
At the convention, he similarly stated that he has extra Bitcoin than Dogecoin and Ethereum. The cause in the back of that is his organization notion withinside the foreign money. He doesn’t plan to promote his Bitcoin holdings considering the fact that he does now no longer consider in promoting the crypto while the fee is excessive.

He emphasised that he desires to see Bitcoin succeed. It’s obvious from his perspectives approximately Bitcoin that Elon Musk believes withinside the cryptocurrency’s long-time period potential.

Although Musk’s hobby in Ethereum and Bitcoin is legitimate because of the cryptos’ have an effect on and feasibility withinside the DeFi space, his Dogecoin funding got here as a marvel to many. He has even endorsed for Dogecoin, a meme foreign money, which makes him special from different traders who don’t pay heed to meme coins.

SpaceX Employees Own Doge
Musk stated that he invested in Doge as it looks like the humans’s crypto. When he talked to humans at SpaceX and Tesla, he located that maximum of them very own Doge. He stated that those humans are neither Silicon Valley technologists nor economic experts. Since they supported Doge, however, it additionally made him make investments withinside the foreign money.

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Another cause Musk gave for making an investment in Doge is that he loves memes and dogs. He stated it'd be an pleasing and ironic final results if a cryptocurrency that commenced as a meme to make a laugh of cryptocurrencies have become the main one withinside the market.

Here’s a more in-depth have a take a observe Musk’s dating with every of the 3 cryptocurrencies he owns.

Bitcoin
On the complete, Musk’s dating with Bitcoin has been relatively complicated.

Tesla and Bitcoin
In February 2021, Musk introduced that Tesla had offered Bitcoin worth $1.five billion. The organization additionally introduced that it might start accepting Bitcoin as a price technique. The information brought about an growth withinside the upward push of Bitcoin and different cryptocurrencies.

In March, Elon Musk introduced that Tesla might be given Bitcoin as a price technique. In April, Bitcoin reached its all-time excessive of $64,863.10.

Later in May, Musk stunned Bitcoin lovers while he recoiled on his selection to simply accept Bitcoin as a price technique for Tesla because of environmental worries His statement, coupled with different factors, brought about a decline in Bitcoin’s fee.

Twitter Misunderstandings
A few days later, the fee of Bitcoin fell even similarly while a Twitter communication created a misunderstanding. A person tweeted that they wouldn’t blame Musk for dumping his Bitcoin, thinking about the fee decline. Musk spoke back to this tweet with “Indeed,” main to traders believing that he can be making plans to promote his Bitcoin.

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However, the subsequent day, the billionaire reassured the traders that Tesla turned into now no longer making plans to promote its Bitcoin.

Environmental Impact
Although Musk believes in Bitcoin’s potential, the billionaire is involved approximately the environmental effect of the cryptocurrency. His worries are legitimate considering the fact that Bitcoin’s carbon footprint is similar to the carbon footprint of the complete of Uzbekistan.

Moreover, the foreign money’s electric electricity intake is similar to Thailand’s ordinary electricity intake.

Dogecoin
Since he on occasion tweets approximately Dogecoin, Elon Musk has nearly grow to be the general public face of the foreign money. He has been following Dogecoin for the reason that foreign money’s launch. In one in every of his Twitter posts, he stated that Dogecoin is probably his preferred foreign money considering the fact that “It’s quite cool.”

Twitter Impacts
In 2020, his tweets inspired the costs of Dogecoin significantly. However, the important impact turned into visible throughout Musk’s look because the host of Saturday Night Live, in which he referred to as himself the “Dogefather.”

In one of the display segments, Musk referred to as the foreign money a “hustle,” and his assertion made the coin’s fee pass down for the time.

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Dogecoin Is a Better Option for Daily Transactions
In a current interview. Elon Musk stated that Dogecoin is a higher choice than Bitcoin on the subject of day by day transactions. He stated that Bitcoin isn’t an awesome replacement for transactional foreign money, while Dogecoin is extra acceptable for transactions].

He additionally introduced that Tesla might launch a few merch that would be offered with Doge. Musk’s statement raised the fee of Dogecoin through 23%.

Ethereum
In April 2019, Elon Musk tweeted: “Ethereum.” His single-phrase tweet expanded the traders’ hobby withinside the cryptocurrency. Additionally, it commenced an internet communication among the co-founding father of Ethereum, Vitalik Buterin, and Elon Musk.

Later withinside the year, he answered to William Shatner’s tweet through pronouncing that he isn’t constructing some thing on Ethereum. He similarly stated that he’s now no longer towards or for Ethereum. He simply doesn’t use the foreign money, nor does he very own it.

However, it now looks like he owns the foreign money considering the fact that he stated it’s one of the 3 currencies wherein he has invested.

How will this Elon Musk crypto dating similarly develop? Musk’s tweets and time will display.

Takeaway
Although Elon Musk’s tweets play a position in using the crypto market, you shouldn’t base your investments on how an government or influencer tweets approximately a cryptocurrency. Do your studies and best put money into cryptocurrencies which have potential. In 2017, the SEC warned that it’s now no longer an awesome concept to put money into some thing due to the fact a well-known individual says a positive services or products is a great funding.

This article initially regarded on GOBankingRates.com: Which Cryptocurrencies Does Elon Musk Own?

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